Victoza boosts Novo as Elan, Biogen profits drop

Another mixed slate of pharma earnings today. Novo Nordisk's results shine, with an increase in both profits and sales; the Danish diabetes specialist even raised its outlook for the year. But Elan and Biogen Idec both posted profit declines, and while Mylan reported positive earnings, its sales failed to meet analyst expectations. Here are the details.

Novo touted strong sales of its new diabetes treatment Victoza as one driver of its 3.59 billion kroner ($665.7 million) in profits. Overall, sales grew 25 percent to 15.58 billion kroner. The company boosted its 2010 outlook, too. But Novo warned that 2011 could be a tough year, because of new generic competition for its oral diabetes drugs and new healthcare reforms. News | Item

Biogen Idec's profits fell by 8.5 percent on one-time charges, but sales grew by 5 percent and earnings per share beat analyst estimates, aided by the company's stock repurchase plan. Sales of the MS drug Tysabri came in below expectations, the Wall Street Journal reports, but attempts to grow Avonex sales started to bear fruit. Article

Mylan posted street-beating earnings of 43 cents per share, or $108.4 million, and affirmed its forecast for the year. But third-quarter sales lagged estimates, coming in at $1.36 billion rather than the $1.40 billion expected. U.S. sales grew an impressive 17.3 percent to $573 million on the launch of three new products. Story | Report